AML Weekly Recap and Insights | Week 3rd - 7th March 2025

Mar 07, 2025

Dear AML Professionals,

Another week has come to an end, bringing with it key developments and insights in the world of financial crime compliance.

I hope this newsletter keeps you informed and provides valuable takeaways as you wrap up the week.

This month, alongside key updates and industry insights, I’m excited to share that the Anti-Financial Crime 2025 Report is now available!

Packed with expert contributions and practical guidance, it’s a must-read for compliance professionals navigating today’s challenges.

Download the Report for free

Everything Looks Perfect on Paper… But is it?

Bad actors know the rules. They know you’ll ask for KYC. They know you’ll request documentation to justify transactions. And they come prepared.

A neatly structured company. Well-drafted contracts. Transactions that, at first glance, seem legitimate. But wait: Exporting mobile phones at $50 each?

Everything is perfect on paper… until you dig deeper.

This is where the role of an AML professional extends beyond compliance checklists.

We are not here to collect documents. We are here to question them if something doesn’t feel right.

🔹 Is the business rationale clear?

🔹 Can the source of funds be reasonably explained?

🔹 Does the information I have make sense? (in this case, mobile phones $50 each?)

Our mission in AML is not just to collect documents. Our mission is to detect money land prevent illegal activity. And prevention starts with skepticism.

If something seems that doesn’t make sense, dig deeper. If it doesn’t feel right, challenge it - until you are satisfied that the explanation is reasonable.

That’s our job!

Enjoy your weekend with this thought…

Global Crackdown: Authorities Seize Garantex Cryptocurrency Exchange Domain: Global law enforcement agencies, including Europol, the US DOJ, FBI, and European police forces, have seized the domain of Garantex, a cryptocurrency exchange notorious for enabling sanctions evasion and illicit transactions. The action followed Garantex's announcement of suspended operations after Tether froze USD 28 million in USDT. Garantex was previously sanctioned for processing over USD 100 million in transactions linked to ransomware groups and darknet markets.
FCA Bans Former Credit Suisse Executives for Corruption: The FCA has banned former Credit Suisse managing directors Andrew Pearse and Surjan Singh from the UK financial services industry following their US criminal convictions. Pearse and Singh pleaded guilty to conspiracy to commit money laundering, accepting unlawful kickbacks of over US$45 million and US$5.7 million, respectively, related to corrupt loans arranged for the Republic of Mozambique.
AG Communications Limited Fined £1.4 Million for Regulatory Failures: Gambling operator AG Communications Limited, trading as AspireGlobal, has agreed to pay £1,407,834 following a Gambling Commission investigation in the UK that uncovered serious failures in Social Responsibility (SR) and Anti-Money Laundering (AML) controls. Key shortcomings included inadequate measures to identify and intervene when customers exhibited harmful gambling behavior, such as rapid and significant losses, and ineffective AML policies that relied too heavily on financial thresholds, resulting in delayed Enhanced Customer Due Diligence (ECDD) checks.
FinCEN has announced that it will not impose fines, penalties, or enforcement actions for failures to file or update Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA) until a forthcoming interim final rule establishes new deadlines. Expected by March 21, 2025, this rule will extend reporting deadlines and provide additional guidance. FinCEN also plans to seek public input on potential revisions to BOI reporting requirements to reduce burdens on small businesses while ensuring BOI remains valuable for national security and law enforcement efforts.